FIXD vs. TLT
FIXD (First Trust Smith Opportunistic Fixed Income ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - FIXD is a Intermediate Core-Plus Bond fund actively managed by First Trust, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. FIXD is actively managed, while TLT is passively managed. Over the past 5 years, FIXD returned -0.74%/yr vs -8.10%/yr for TLT. Their correlation of 0.84 means they have usually moved in the same direction. FIXD charges 0.65%/yr vs 0.15%/yr for TLT.
Performance
FIXD vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, FIXD achieves a -0.15% return, which is significantly higher than TLT's -2.43% return.
FIXD
- 1D
- 0.42%
- 1M
- -0.79%
- 6M
- -0.32%
- YTD
- -0.15%
- 1Y
- 2.64%
- 3Y*
- 4.16%
- 5Y*
- -0.74%
- 10Y*
- —
- ALL TIME*
- 1.97%
TLT
- 1D
- 0.77%
- 1M
- -2.76%
- 6M
- -2.36%
- YTD
- -2.43%
- 1Y
- -1.64%
- 3Y*
- -0.90%
- 5Y*
- -8.10%
- 10Y*
- -2.25%
- ALL TIME*
- 3.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $12.93M | $12.44M | $15.61M | |
| $2.59B | $2.11B | $2.22B |
FIXD vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FIXD First Trust Smith Opportunistic Fixed Income ETF | -0.15% | 7.95% | 0.75% | 5.72% | -15.00% | -1.07% | 8.99% | 10.56% | 0.00% | 3.40% |
TLT iShares 20+ Year Treasury Bond ETF | -2.43% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 8.60% |
Correlation
The correlation between FIXD and TLT is 0.91, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.91 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.89 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2017 | 0.84 |
The correlation between FIXD and TLT has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.
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Return for Risk
FIXD vs. TLT — Risk / Return Rank
FIXD
TLT
FIXD vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Smith Opportunistic Fixed Income ETF (FIXD) and iShares 20+ Year Treasury Bond ETF (TLT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FIXD | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +1.13 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 0.98 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.83 | -0.21 | +1.04 |
| Martin ratioReturn relative to average drawdown | 2.07 | -0.45 | +2.53 |
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Drawdowns
FIXD vs. TLT - Drawdown Comparison
The maximum FIXD drawdown since its inception was -20.44%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for FIXD and TLT.
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Drawdown Indicators
| FIXD | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.44% | -48.35% | +27.91% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -7.74% | +4.53% |
Max Drawdown (3Y)Largest decline over 3 years | -5.96% | -14.79% | +8.83% |
Max Drawdown (5Y)Largest decline over 5 years | -20.42% | -43.70% | +23.28% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -3.86% | -41.73% | +37.87% |
Average DrawdownAverage peak-to-trough decline | -5.46% | -14.00% | +8.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 3.63% | -2.35% |
Volatility
FIXD vs. TLT - Volatility Comparison
The current volatility for First Trust Smith Opportunistic Fixed Income ETF (FIXD) is 1.18%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.67%. This indicates that FIXD experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FIXD | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 2.67% | -1.49% |
Volatility (6M)Calculated over the trailing 6-month period | 3.35% | 6.88% | -3.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.08% | 9.25% | -5.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.61% | 15.75% | -9.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.81% | 14.83% | -9.02% |
FIXD vs. TLT - Expense Ratio Comparison
FIXD has a 0.65% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
FIXD vs. TLT - Dividend Comparison
FIXD's dividend yield for the trailing twelve months is around 4.77%, more than TLT's 4.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FIXD First Trust Smith Opportunistic Fixed Income ETF | 4.77% | 4.50% | 4.56% | 3.93% | 3.07% | 1.74% | 3.14% | 5.10% | 2.81% | 1.95% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.71% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
With a correlation of 0.91, FIXD and TLT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
TLT has higher volatility (2.67%) compared to FIXD (1.18%). In terms of maximum drawdown, FIXD dropped -20.44% vs TLT's -48.35%.
On 5-year performance, FIXD leads with -0.74% vs -8.10% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, FIXD has been the lower-risk option at 1.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FIXD has performed better with a -0.74% return vs -8.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.65% for FIXD.
FIXD has the higher dividend yield at 4.77%, compared with 4.71% for TLT.
FIXD is categorized as Intermediate Core-Plus Bond, while TLT is Government Bonds. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.65% for FIXD and 0.15% for TLT.
FIXD currently has the higher Sharpe Ratio (0.65 vs -0.18), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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